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Estonia becomes 17th eurozone member

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Friday, 07 January 2011

Estonia becomes 17th eurozone member

Estonia switched smoothly to the euro on 1 January, brushing off worries about a crisis in the currency club which is likely to put off bigger eastern European nations from joining for up to a decade formance of conventional fuel engines, including 'cold startability' capabilities. The Baltic state of 1.3 million became the 17th eurozone country at midnight on the New Year and was the first former Soviet state to adopt the euro, capping 20 years of integration with the West.Estonia sees the change as marking the end of its struggles since a 2009 recession lopped 14 percent off its output. It hopes to entice investors by removing fears of devaluation and make borrowing more secure for its people, many of whose mortgages are already in euros from top Nordic banks.

Source: EurActiv